"You can't replicate this kind of architecture in other cities. Adaptive reuse of existing great architecture sets us apart from our competitors, not only in the suburbs but nationally. We're one of the few great 19th century cities that have a huge advantage over all of our competitors because of architectural gems like this."

Paul Muller, president of the Cincinnati Preservation Association, agrees.

"We're one of the leading preservation cities in the nation," says Muller. "That's important because it's a cultural proposition, it's a quality of life proposition, and most importantly, it's an economic proposition. These buildings are what the successful cities around the country are using to drive their growth. And as Mayor Cranley pointed out, we have a lot of it in Cincinnati."

The $50 million renovation was privately funded, though the hotel is getting a 12 year tax abatement from the city.

The Renaissance features 323 hotel rooms, a full service restaurant and event space.